Chasing the most promising returns, wealthy Chinese investors are bullish on three asset categories.

(Beijing, Jan 7) After years of decline in China’s property market, wealthy individuals are no longer treating real estate as a core pillar of retirement and investment planning. A Hong Kong media report citing a Hurun Research Institute survey says high-net-worth individuals in China are steadily reducing the number of properties they hold while increasing allocations to insurance, gold, and overseas assets.

The report highlights a Guangdong-based manufacturer in his 60s, referred to as “Li Jiang” (phonetic translation), who began selling properties in 2020. At the height of his business career, he concentrated much of his wealth in real estate and once owned seven properties, ranging from prime-city apartments to upscale suburban villas. Today, he keeps only two—one for personal use and another for his son who studied abroad and has returned.

Li said property investment now feels more like “uncertainty or a burden,” adding that “one home is enough for a comfortable retirement.” He has shifted part of his wealth into high-value life insurance and premium medical coverage, and encouraged his son to focus investments on trust funds tied to emerging industries.

Hurun’s findings suggest this is part of a broader trend: more affluent families are cutting exposure to property and increasing holdings in insurance, gold, and overseas assets. As these influential investors reshape their portfolios, the shift could influence the wider retirement planning and wealth management landscape in China.

Hurun’s recent report on retirement strategies also noted that China’s population aged 60 and above has surpassed 300 million, with roughly 55,000 people retiring each day. However, the number of high-net-worth households has been declining. By 2025, households with assets above RMB 10 million are projected to fall 0.8% year-on-year to about 2.066 million, while those above RMB 100 million are expected to decline 1.7% to around 130,000. A shrinking asset base is making this group more sensitive to cash-flow stability and risk exposure.

The report adds that wealth accumulation among China’s affluent has historically relied on property appreciation and business dividends. Looking ahead to the next year, many plan to reduce allocations to real estate and certain bank wealth-management products, while increasing exposure to insurance, gold, and equities.